Majority of Queenslanders plan on saving their tax return

Despite coronavirus restrictions beginning to ease, it’s been revealed most Queenslanders still plan on saving their tax returns this year.

New RACQ research show around 70 percent of us plan on putting our tax return towards saving, or to paying off debt.

It comes as coronavirus restrictions continue to ease around Australia, after we ‘flattened the curve’ ahead of other countries around the world.


And while the economy has taken a massive hit as a result, it is starting to rebuild, with more and more people returning to work.

RACQ Bank spokesperson Lucinda Ross says this survey is a stark reminder that there is still considerable financial pressure on families.

“We’ve seen a real shift in what Queenslanders want to do with their cash this year, with many choosing not to spend it on luxury or non-essential items,” Ms Ross said.

“Only three percent of survey respondents said they’ll spend their tax return on items such as a new car or clothes.

“It’s clear that easing restrictions due to COVID-19 doesn’t mean Queenslanders feel at ease about spending money,” Ms Ross said.

While the federal government would likely prefer that our tax returns were injected back into the economy, to assist with the national recovery, RACQ is encouraging Queenslanders to make smart decisions and put their financial wellbeing first.

“If that means finally paying off that credit card debt or putting money towards your mortgage, your tax return can help you regain control over your financial situation,” she said.

“It’s been a tough year on the budget, and with many households needing to tighten their budget or defer loan repayments, it’s clear why we’re still steering away from spending money on luxury items.

“With plenty of end of financial year sales to tempt Queenslanders, make sure you consider whether spending is the right decision for you and shop around to get the best deal,” Ms Ross said.

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